Jim Gaines, an economist with the Real Estate Center, said in a prepared release that it’s possible the federal tax credits available through April inspired buyers to move up purchasing decisions, pulling the “summer peak” earlier into the year.

“This is a very unique time in the housing market because of the extent of Federal government involvement and there is no precedent to predict what will happen in the next few quarters,” Gaines said. “We will have to watch the economy and the market closely to determine where it is heading.”